The UK has issued its first criminal verdict against an illegal Cryptocurrency ATM operator

On March 3rd, PANews reported that the Financial Conduct Authority (FCA) of the UK stated in a declaration on February 28th that Olumide Osunkoya illegally operated a Crypto Assets ATM network without the necessary regulatory license. Therese Chambers, Director of Enforcement and Market Oversight at the FCA, stated: 'This is the first criminal conviction in the UK for unregistered Cryptocurrency activities, sending a clear message that those who disregard rules, attempt to evade regulation, and engage in criminal activities will face serious consequences.' The FCA sued Osunkoya on September 10 last year, alleging that he processed £2.6 million (about $3.14 million) in transactions through his company, GidiPlus Ltd, which operated unregistered cryptocurrency ATMs in 28 locations between December 2021 and March 2022. The regulator alleges that he later transferred the ATMs from GidiPlus and personally operated as many as 12 machines under pseudonyms and company names to evade detection, failing to ensure that the machines were not being used for money laundering. Osunkoya was also the first person in the UK to be charged with operating an illegal Cryptocurrency ATM network, pleading guilty to five counts on September 30 of that year.